Pamplona Capital Management assures financing pledge with Deutsche Bank is in order
Pamplona Capital Management LLP, a London-based private equity group, announced that it had offered its 4.01% share in Italian lender UniCredit to Deutsche Bank. The deal was meant as a financing pledge between Pamplona Capital and Deutsche Bank. Pamplona Capital Management is backed by Alfa Group, currently managed by Russian billionaire Mikhail Fridman.
The statement by Pamplona Capital was released at the request of Consob, an Italian market regulator. The request was made after an Italian newspaper claimed that Deutsche Bank had the acquired all the rights to use and dispose of the pledged stake in UniCredit without the consent of Pamplona Capital.
Pamplona Capital Management stated that Deutsche Bank was fully committed to returning the shares upon request. The deal is set up so that Pamplona Capital Management could still use its voting rights if UniCredit gathers for shareholder meetings. "Such dispossession of UniCredit shares in favour of Deutsche Bank must be deemed on a temporary basis only," Pamplona Capital said in its statement.
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